Quarterly / Earnings Reports | First Quarter (1Q) Update | Production Rates
Ring Reports $5 Million Net Income; Production Growth +91% Year-over-Year
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Ring Energy reported Q1 2018 results. Here are the quick highlights.
- Net income of $5,665,634
- There was no outstanding debt on the Company's $500 million senior secured credit facility at March 31, 2018.
- Production : 5,721 Boe/d in Q1 2018 vs 2,981 Boe/d in Q1 2017.
Ring's Chief Executive Officer, Mr. Kelly Hoffman, stated, "Our first quarter results have gotten the Company off to a great start for 2018. We continue to have excellent results from our horizontal drilling program. We have 60 wells scheduled to be drilled this year and look forward to continued exceptional results. Our new gas pipeline is completed, and now, instead of having to flare the gas associated with our horizontal drilling, we are selling it.
This, along with added saltwater disposal wells and the restimulation of some of our older wells, is only adding to our momentum. The North Gaines and Brushy Canyon wells are on track with encouraging results that will be released in the near future. Our goal of being cash flow positive by year end is on track.
Our dedicated staff continues to search for and evaluate complementary, accretive properties and opportunities that will build on our success. With the completion of our stock offering in February, we have strengthened an already strong balance sheet. We look forward to the rest of 2018 and couldn't be more excited for Ring and its shareholders."
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